XINNIX FINAL EXAM LATEST EXAM | GRADED
A+ | VERIFIED ANSWERS | ALL QUESTIONS
AND ANSWERS (JUST RELEASED)
A veteran may be exempt from the VA Funding Fee if ------CORRECT
ANSWER---------------Receives benefits for a service related disability
Desktop Underwriter would result in a decision of Approve/Ineligible on a
loan with excellent credit which qualifies as a jumbo loan program ------
CORRECT ANSWER---------------True
On an FHA 203(k) Limited program purchase ------CORRECT ANSWER----
-----------35,000
A partners percentage of ownership and earnings can be located on
Schedule E part 11 of their personal tax returns ------CORRECT ANSWER-
--------------False
Unless a borrower can document extenuating circumstances they must
wait at least 7 years from a Chapter 7 bankruptcy ------CORRECT
ANSWER---------------False
HOA dues are included in the PITI calculation ------CORRECT ANSWER----
-----------False
,FHA loans have both a BASE Loan Amount and Total Loan Amount ------
CORRECT ANSWER---------------True
The funding fee for an active duty veteran who has previously used their
eligibility and is purchasing a home with zero down is 3.60% ------
CORRECT ANSWER---------------True
What is the qualifying rate for a 7/1ARM with a note rate of 6.00% and 2/6
caps? Fully indexed rate is 5.98% ------CORRECT ANSWER---------------
6.00%
After the borrower submits a complete loan application, the LE must be
delivered or placed ------CORRECT ANSWER---------------3 Business days
Tenancy in Common is not an acceptible manner in which a title may be
held ------CORRECT ANSWER---------------False
Using the following information answer the conventional loan question.
Sales price= 143,000$ ------CORRECT ANSWER---------------
85%/.25%/$25.32
If the VA maximum entitlement has been changed ------CORRECT
ANSWER---------------True
Income from real estate or royalties can be located on Schedule E part1 ----
--CORRECT ANSWER---------------True
, Which of the following statements are False ------CORRECT ANSWER------
---------The lender that buys loans from a mortgage broker is called a
correspondent lender
and lender and a mortgage bankers transaction is the wholesale lender
Flipping is a scheme where several people each ------CORRECT
ANSWER---------------False
A veteran may exchange a portion of their entitlement for cash ------
CORRECT ANSWER---------------False
A borrower is closing on a home on July 17th ------CORRECT ANSWER----
-----------5/18
Based on a loan amount of $225,000 ------CORRECT ANSWER---------------
A room addition is allowed under the FHA 203k limited program ------
CORRECT ANSWER---------------Flase
FNMA and FHLMC define a large deposit as any single deposit that
exceeds 50% ------CORRECT ANSWER---------------True
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